Ascent Resources PLC Operational Update (1930H)

TIDMAST

RNS Number : 1930H

Ascent Resources PLC

06 June 2017

6 June 2017

Ascent Resources plc

("Ascent" or the "Company")

Operational Update

The Board of Ascent Resources plc (AIM: AST), the European focussed oil & gas exploration and production company is pleased to update the market on progress with its Petišovci project in Slovenia.

Well Pg-11A

The downhole portion of the operations to prepare Pg-11A to produce and sell gas is expected to finish in the next seven days following which, we will begin the construction of the short flowline to connect the well to the pipeline which runs to the central processing facility ("CPP").

As the well was fully cleaned up following the extended flow test in 2012, an additional clean-up and flow test will not be carried out once the workover is complete. Instead we will immediately move to connect the well to infrastructure, enabling gas to be produced for sale.

Infrastructure for delivering gas to INA

We remain on track to commence supplies of gas to INA in the coming weeks, in line with our schedule.

Current field operations are focussed on:

-- connecting the CPP to the export line at MRS Lendava (the land acquired by Ascent from Trameta in July 2016). This work is progressing as planned and is expected to be completed around the middle of this month.

-- the refurbishment of gas separation equipment at the CPP. This is also underway and proceeding as planned.

Our customer, INA, is completing the re-certification of its pipeline in time to receive Petišovci gas.

Colin Hutchinson, CEO, commented:

"We are pleased that the work is proceeding on time and budget and look forward to selling gas from both wells in the near future."

Enquiries:

 
 Ascent Resources plc 
  Clive Carver, Chairman 
  Colin Hutchinson, CEO                     0207 251 4905 
 Stockdale Securities Limited, Nominated 
  Adviser and Joint Broker 
  Richard Johnson 
  Edward Thomas                             0207 601 6100 
 Northland Capital Partners Limited, 
  Joint Broker 
  Tom Price                                 0203 861 6625 
 IFC Advisory Ltd, Financial PR and 
  IR 
  Tim Metcalfe 
  Heather Armstrong                         0203 053 8671 
 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCUGUWGQUPMGQA

(END) Dow Jones Newswires

June 06, 2017 02:00 ET (06:00 GMT)